Dublin, April 25, 2023 (GLOBE NEWSWIRE) -- The "Payment Security Market Size, Share & Trends Analysis Report By Solution (Encryption, Tokenization, Fraud Detection & Prevention), By Platform, By Organization, By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global payment security market size is expected to reach USD 64.34 billion by 2030, expanding at a CAGR of 13.9% from 2023 to 2030.
The growth of the market can be attributed to the rise in fraudulent activities in recent years. According to a survey by FIS, in April 2021, there has been a considerable increase in financial fraud throughout the pandemic, with customers increasingly embracing online services when conducting purchases. According to the FIS report, an increasing number of consumers are falling victim to cyber fraudsters, with 34% of surveyed participants reporting that they had experienced financial fraud in the past year.
AI-powered fraud detection and prevention systems are being developed to identify and prevent payment-related fraudulent activities in real-time. These systems can analyze large amounts of data and identify suspicious behavior patterns, providing a proactive approach to security.
Additionally, AI powered fraud detection and prevention systems can learn from previous fraud attempts and continuously adapt their models to stay ahead of emerging fraud trends. By doing so, they can provide a proactive approach to security and help prevent fraudulent activities before they occur.
Payment security providers are constantly evolving and adapting to new technologies and threats to ensure secure and seamless transactions. For instance, 3-D Secure is a security protocol used by credit card companies to authenticate online transactions. This protocol requires the cardholder to enter a unique password or biometric information to verify their identity, providing an additional layer of security for online transactions.
The COVID-19 pandemic had a positive impact on the market. The pandemic increased awareness among consumers regarding the trends and the need for being cautious about sharing personal and financial information online.
As a result, consumers have become more vigilant about protecting their payment information and have increasingly demanded more robust security measures from merchants and payment providers.
Payment Security Market Report Highlights
Key Attributes:
Report Attribute | Details |
No. of Pages | 110 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $23.13 Billion |
Forecasted Market Value (USD) by 2030 | $64.34 Billion |
Compound Annual Growth Rate | 13.9% |
Regions Covered | Global |
Market Dynamics
Market Driver Impact Analysis
Market Challenge Impact Analysis
Impact of COVID-19 Pandemic
Industry Analysis Tools
Competitive Landscape
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